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Rising Demand For Contactless Payments Boosts The Biometric Card Market Growth: A Significant Driver Propelling The Biometric Cards Market In 2025
Biometric Cards
What Is the Biometric Cards Market Size and Projected Growth Rate?
The biometric cards market has grown rapidly in recent years. It will grow from $13.03 billion in 2024 to $15.36 billion in 2025, at a compound annual growth rate (CAGR) of 17.9%. The historical growth is attributed to rising security needs, increasing concerns over fraud, regulatory compliance, greater consumer convenience, and the rising number of smartphone users.
The biometric cards market will reach $29.3 billion by 2029 at a CAGR of 17.5%. The market's growth is attributed to increased cybersecurity threats, demand for contactless payments, multifactor authentication, secure identification solutions, and high-security applications. Major trends include contactless payment technology, biometric enrollment solutions, blockchain technology exploration, biometric sensor and algorithm advancements, and mobile device integration.
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What Are the Major Segments in the Biometric Cards Market?
The biometric cards market covered in this report is segmented -
1) By Type: Contact Biometric Cards, Contactless Biometric Cards
2) By Application: Payments, Access Control, Government Identification Document (ID) And Financial Inclusion, Other Applications
3) By End-User Vertical: Banking, Financial Services, And Insurance (BFSI), Retail, Government, Healthcare, Commercial Entities, Other End-User Verticals
Subsegments:
1) By Contact Biometric Cards: Smart Biometric Cards, Fingerprint Recognition Biometric Cards, Multi-Factor Authentication Biometric Cards
2) By Contactless Biometric Cards: RFID-Based Biometric Cards, NFC-Enabled Biometric Cards, Fingerprint Recognition Contactless Biometric Cards
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What Are The Driving Biometric Cards Market Evolution?
The growing use of contactless payment systems is expected to propel the biometric card market. Contactless payments, which use RFID or NFC technology, have surged with the widespread adoption of smartphones and digital wallets. Biometric cards enhance security by using fingerprint authentication, reducing fraud while maintaining fast transaction speeds. In January 2024, the European Central Bank reported a 24.3% increase in contactless card payments in the first half of 2023, leading to higher market growth for biometric cards.
Which Firms Dominate The Biometric Cards Market Segments?
Major companies operating in the biometric cards market are Samsung Semiconductor, Visa Inc., Mastercard, Thales Group, STMicroelectronics NV, IDEMIA Group, JCB Co. Ltd., KONA I Co. Ltd., FEITIAN Technologies Co. Ltd., Fingerprint Cards AB, Matica Technologies Group SA, Seshaasai Business Forms Private Limited, Precise Biometrics, Zwipe, NEXT Biometrics, Versasec AB, Ethernom, CardLogix Corporation, SmartMetric Inc., IDEX Biometrics
What Are the Latest Developing Trends in the Biometric Cards Market?
Major companies in the biometric card market are developing next-generation solutions, such as fingerprint biometric security, to revolutionize payments and improve consumer satisfaction. In June 2022, Sweden-based fintech company Rocker launched Rocker Touch, the first biometric payment card using IDEMIA's F.CODE technology. This card features a fingerprint biometric sensor for identification, enabling payment authorization with a fingerprint, ensuring user privacy and security with the biometric data securely stored on the card.
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Which Is The Largest Region In The Biometric Cards Market?
North America was the largest region in the biometric card market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biometric cards market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Biometric Cards Market?
2. What is the CAGR expected in the Biometric Cards Market?
3. What Are the Key Innovations Transforming the Biometric Cards Industry?
4. Which Region Is Leading the Biometric Cards Market?
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